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What do you do if you sold a vehicle to someone with a promissory note stating they will make payments and signed the title over if they do pay?

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2004-12-16 07:23:25
2004-12-16 07:23:25

If they signed the promissory note, then it is legal, and binding.

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Yes, you can take out a loan for a vehicle for someone else and make the payments on it, but the only way you can put the vehicle in their name is if you have their permission.

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Let someone else take over the payments.

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No. You are not entitled to a refund if you made payments toward the purchase of a vehicle. In truth, if you signed a contract to purchase the vehicle, that vehicle is now secondary to the contract, you could still be held responsible for the balance of the loan, whether or not you still have the vehicle.

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IF you transfer the title and loan out of your name you are not responsible. IF NOT, and they don't make the payments, or have insurance on it, YOU are responsible for all aspects of the vehicle as you still OWN it. the name on the title & loan is the responsible party.

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You must talk to the lender who has a lien on the vehicle. It is up to them if you will be allowed to take over the payments.

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Not enough information is given. Promissory note for WHAT? To pay the towing bill? To prove ownership of the car? Is the towing company asking YOU to sign a promissory note? Re-word and re-submit the question.

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it doesn't matter if the pope takes over your vehicle payments. if he stops making them, your credit is damaged and the vehicle is repossessed.

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They might be able to garnish your payments for the money that you owe them , but nothing more since vehicle has been repossessed.

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Contact the lender. They wil have to agree to this. After all they hold the lien to the vehicle, and legally it is their vehicle until you pay fo it.

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A legal paper stating ownership of a vehicle - shows: owner's name lien holder (if any) Vehicle description Vehicle Identification No.

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You have to posses the title on the vehicle and the documentation that there is a default in payments.

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Can a vehicle be taken by the police for delinquent payments.

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Most states do not have a cooling off period. Witch means that if you buy a car and then change your mind you are still responsible for making the payments. If you fail to make the payments your vehicle will be repossessed and sold to satisfy the lean holder. So no you will not get your money back, in fact you may have to make up the difference if the car sells for less than the loan amount.

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As the co-signer you're ultimately responsible for paying off the vehicle. You then have a right to turn around and sue the other party for non-payment. If you're given a judgement you can place a lien on the vehicle and either repossess it and sell it or keep it.

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The person the lien is against is still obliged to make the payments. If they fail, a lawsuit can be filed.

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Your obligation to repay the loan is based on the promissory note you signed, and has nothing to do with a lien on the vehicle. Without a lien on the vehicle, the lender will be unable to repossess the vehicle, but they can still collect on the debt. They can also impose substantial penalties. Without a vehicle lien as collateral, most lenders will convert your auto loan into a signature loan at an interest rate of 12% or higher.

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Registration of the vehicle has nothing to do with the loan or financing of the vehicle. The only was to "default" is to not make the payments.

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The only option she may have is to contact the lender and attempt to reaffirm the contract, which would include making up all missed payments and penalties in a specified time limit. Action concerning such an issue depends upon what the lender decides is in their best interest not the borrower's.

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Talk to the lender, or you can file Chapter 13 Bankruptcy to lower the payments where you can afford them.

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Yes, corporations can deduct lease payments. Property lease payments and vehicle lease payments are deductible in the year paid or accrued.

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Well if the original person that you co-signed with defaults on the payments and you are stuck with the payments, technically it is your vehicle and you can take the person to court and take control of the vehicle.

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Ones on which the owners are late on the payments. :-)


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